Pridgeon Farms Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03075689 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Pridgeon Farms Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

P W Pridgeon

D J Pridgeon

J E Pridgeon

SECRETARY:

J E Pridgeon

REGISTERED OFFICE:

Willows Farm

Bradshaws Lane

Hogsthorpe

Skegness

Lincolnshire

PE24 5QL

REGISTERED NUMBER:

03075689 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

Office 1

Engine House

Marshalls Yard

Gainsborough

Lincolnshire

DN21 2NA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pridgeon Farms Limited for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pridgeon Farms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pridgeon Farms Limited and state those matters that we have agreed to state to the Board of Directors of Pridgeon Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pridgeon Farms Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pridgeon Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pridgeon Farms Limited. You consider that Pridgeon Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pridgeon Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wright Vigar Limited

Chartered Accountants & Business Advisers

Office 1

Engine House

Marshalls Yard

Gainsborough

Lincolnshire

DN21 2NA

Date: .............................................

FIXED ASSETS

Intangible assets

4

7,634

9,295

Tangible assets

5

4,492,608

4,527,610

Investment property

6

85,248

85,248

4,585,490

4,622,153

CURRENT ASSETS

Stocks

892,892

790,713

Debtors

7

148,875

89,604

Cash at bank and in hand

19,572

212,207

1,061,339

1,092,524

CREDITORS

Amounts falling due within one year

8

889,465

1,531,416

NET CURRENT ASSETS/(LIABILITIES)

171,874

(438,892

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,757,364

4,183,261

CREDITORS

Amounts falling due after more than one year

9

(2,528,780

)

(1,961,366

)

PROVISIONS FOR LIABILITIES

(258,371

)

(264,321

)

NET ASSETS

1,970,213

1,957,574

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

1,970,113

1,957,474

SHAREHOLDERS' FUNDS

1,970,213

1,957,574

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:

D J Pridgeon - Director

1.	STATUTORY INFORMATION

Pridgeon Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and Buildings

-

25% on reducing balance, 20% on reducing balance and nil - 10% on cost

Improvements to property

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance, 20% on reducing balance, 18% on reducing balance, 15% on reducing balance, 10% on cost and Straight line over 20 years

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance and 20% on reducing balance

Computer equipment

-

25% on reducing balance and 20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and others debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Single farm payment entitlements are being amortised evenly over their estimated useful lives.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 November 2022

and 31 October 2023

11,070

AMORTISATION

At 1 November 2022

1,775

Charge for year

1,661

At 31 October 2023

3,436

NET BOOK VALUE

At 31 October 2023

7,634

At 31 October 2022

9,295

5.	TANGIBLE FIXED ASSETS

Improvements

Land and

to

Plant and

Buildings

property

machinery

£

£

£

COST

At 1 November 2022

3,031,741

227,450

2,721,770

Additions

-

-

255,676

Disposals

(1,500

)

-

(221,174

)

At 31 October 2023

3,030,241

227,450

2,756,272

DEPRECIATION

At 1 November 2022

24,740

107,394

1,345,388

Charge for year

205

2,143

255,618

Eliminated on disposal

-

-

(177,241

)

At 31 October 2023

24,945

109,537

1,423,765

NET BOOK VALUE

At 31 October 2023

3,005,296

117,913

1,332,507

At 31 October 2022

3,007,001

120,056

1,376,382

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 November 2022

1,341

49,264

13,263

6,044,829

Additions

-

18,662

3,007

277,345

Disposals

(1,341

)

(10,617

)

-

(234,632

)

At 31 October 2023

-

57,309

16,270

6,087,542

DEPRECIATION

At 1 November 2022

1,341

28,511

9,845

1,517,219

Charge for year

-

6,179

1,037

265,182

Eliminated on disposal

(1,341

)

(8,885

)

-

(187,467

)

At 31 October 2023

-

25,805

10,882

1,594,934

NET BOOK VALUE

At 31 October 2023

-

31,504

5,388

4,492,608

At 31 October 2022

-

20,753

3,418

4,527,610

Included in cost of land and buildings is freehold land of £ 3,002,989 (2022 - £ 3,004,989 ) which is not depreciated.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2022

and 31 October 2023

85,248

NET BOOK VALUE

At 31 October 2023

85,248

At 31 October 2022

85,248

The Directors have considered the valuation of the Investment property and are satisfied that it represents market value at 31 October 2023.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

77,221

17,116

Other debtors

71,654

72,488

148,875

89,604

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

179,063

875,095

Hire purchase contracts

118,458

74,308

Trade creditors

249,576

223,164

Taxation and social security

34,223

96,206

Other creditors

308,145

262,643

889,465

1,531,416

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

2,478,926

1,847,061

Hire purchase contracts

49,854

114,305

2,528,780

1,961,366

Amounts falling due in more than five years:

Repayable by instalments

Bank loan

1,205,472

1,289,864

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank overdraft

102,110

-

Bank loans

2,555,879

2,722,156

Hire purchase contracts

168,312

188,613

2,826,301

2,910,769

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

27

Ordinary A

£1

27

27

27

Ordinary B

£1

27

27

36

Ordinary C

£1

36

36

10

Ordinary D

£1

10

10

100

100